Middlesex Water Company

Middlesex Water Company

55.80
USD
+2.17
(+4.05%)
2.59EPS
21.64P/E
1.06BMarket Cap
Oct 29Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
7.24
7.3
7.8
8.18
8.02
8.42
8.05
8.11
8.17
9.21
9.38
10.75
10.76
11.18
Basic EPS, GAAP
1.04
1.14
1.23
1.39
1.39
1.97
2.02
2.19
2.08
2.4
1.77
2.48
2.36
2.6
Free Cash Flow per Basic Share
0.86
0.62
1.57
-0.02
-0.46
-1.6
-3.18
-2.99
1.89
3.48
2.98
3.29
3.46
3.18
Dividend per Share
0.76
0.77
0.79
0.82
0.87
0.92
0.98
1.05
1.11
1.19
1.27
1.32
1.38
1.42
Book Value per Share
11.82
12.24
12.74
13.4
14.02
15.17
18.57
19.81
20.99
22.69
23.74
24.89
26.67
27.65
Tangible Book Value per Share
11.82
12.24
12.74
13.4
14.02
15.17
18.57
19.81
20.99
22.69
23.74
24.89
26.67
27.65
Basic Weighted Avg Shares
16
16
16
16
16
16
17
17
18
18
18
18
18
18
Sales/Revenue/Turnover
115
117
126
133
131
138
135
142
143
162
166
192
195
206
Operating Margin (%)
26.97
29.36
28.44
30.32
28.9
26.9
26.39
26.43
23.2
25.92
23.59
27.73
27.93
29.22
Depreciation Expense
12
12
13
14
15
16
17
21
27
27
29
28
32
32
Net Income, GAAP
17
18
20
23
23
32
34
38
37
42
32
44
43
48
Effective Tax Rate (%)
34.14
35.01
34.5
34.04
32.73
2.77
- -
- -
- -
7.09
3.2
13.47
10.12
10
Profit Margin (%)
14.48
15.75
15.89
17.11
17.44
23.5
25.18
27.14
25.53
26.12
18.96
23.11
21.99
23.26
Working Capital
-27
-21
-4
-20
-35
-64
-36
-23
-22
-81
5
-40
-52
-53
LT Debt
130
136
133
135
139
153
237
278
311
294
361
355
381
397
Total Equity
192
200
209
221
232
251
326
348
370
402
425
447
495
522
Return on Invested Capital (%)
5.61
6.11
6.45
7.14
6.35
8.12
- -
- -
- -
5.92
4.67
5.46
5.53
5.81
Return on Capital (%)
5.7
6.11
6.58
7.13
6.68
8.71
- -
- -
- -
6.67
5.22
6.64
6.38
6.71
Return on Common Equity (%)
8.88
9.48
9.84
10.63
10.13
13.52
11.79
11.43
10.2
11.02
7.63
10.19
9.1
9.78

Capital Structure

USD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
36
55
42
LT Borrowings
379
372
396
LT Finance Leases
2
2
1
Preferred Equity and Hybrid Capital
1
1
1
Shares Outstanding
19
19
19
Market Capitalization
934
967
1,058

Working Capital

USD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
42
47
52
Cash, Cash Equivalents & STI
3
2
2
Accounts Receivable, Net
19
19
21
Inventories
8
8
9
Total Current Liabilities
94
120
105
Payables & Accruals
51
55
53
ST Debt
36
55
42
Deferred Revenue
- -
- -
- -

Growth Rates

USD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
9.22%
7.32%
10.85%
Free Cash Flow
253.11%
-14.71%
6.58%
Net Income, GAAP
9.67%
4.55%
-3.45%
Sales/Revenue/Turnover
4.59%
6.76%
1.47%
Total Cash Common Dividend
7.12%
6.52%
6.49%

Quarterly Revenue

USD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
41
49
55
47
192
2025
44
49
54
47
195
2026
49
56
- -
- -
- -

Quarterly Earnings Per Share

USD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.6
0.59
0.8
0.49
2.48
2025
0.53
0.6
0.77
0.47
2.36
2026
0.57
0.79
- -
- -
- -

Quarterly Dividends Per Share

USD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.32
0.33
0.33
0.34
1.32
2025
0.34
0.34
0.34
0.36
1.38
2026
0.36
0.36
- -
- -
- -

Company Description

CEO
Nadine Duchemin-Leslie
Full Time Employees
395
Sector
Utilities
Industry
Water utilities
Address
485C Route 1 South Iselin NJ United States 08830
IPO Date
Sep 16, 1958
Business
Middlesex Water Company Middlesex Water Company (NASDAQ:MSEX), incorporated in 1897 and headquartered in Iselin, New Jersey, owns and operates regulated water utilities and wastewater systems primarily in New Jersey and Delaware, with additional contract operations extending to Pennsylvania; the company collects, treats, distributes, and sells water for domestic, commercial, municipal, industrial, and fire protection purposes, while providing regulated wastewater collection and treatment services alongside non-regulated contract operations and maintenance for municipal and private water and wastewater systems. Its subsidiaries, including Tidewater Utilities, Inc., Pinelands Water Company, Pinelands Wastewater Company, Utility Service Affiliates, Inc., and others such as Southern Shores Water Company, LLC and White Marsh Environmental Systems, Inc., support a family of companies delivering technical and management solutions for aging infrastructure and regulatory compliance challenges faced by municipalities, developers, and small system owners. The company operates through two primary business segments: regulated operations serving residential, commercial, industrial, and fire protection customers on a retail and wholesale basis; and non-regulated services focused on the operation and maintenance of water and wastewater systems under contract. Middlesex Water Company recently expanded its Delaware footprint through its subsidiary Tidewater Utilities, Inc., which completed the acquisition of the Town of Ocean View's water system assets in Sussex County for $4.6 million in April 2025, adding approximately 900 customers to its base and enhancing service reliability in the region where Tidewater has supplied water since 2008. This transaction, approved by the Delaware Public Service Commission in February 2025, aligns with the company's ongoing strategy of strategic acquisitions to consolidate fragmented markets, upgrade infrastructure, and extend high-quality services amid industry-wide pressures from aging pipelines and regulatory demands. The company continues significant capital investments, with projected expenditures around $165-178 million in 2024-2025 for system renewals, treatment plant upgrades like the Carl J. Olsen facility, and pipeline replacements to ensure compliance and reliability across its multi-state service territories.

Company News

  • Middlesex Water Company Names Rebecca Stenholm Vice President of Communications and Corporate Affairs

  • Middlesex Water Company to Report Third Quarter 2026 Earnings on October 29

  • Middlesex Water: Slow And Steady Growth At A Discount

  • Best Dividend Kings: September 2026

  • The Dividend Kings Ranked By Quality Scores (September 2026)

  • Middlesex Water (NASDAQ:MSEX) and Pennon Group (OTCMKTS:PEGRF) Head to Head Survey

  • Tidewater Utilities Announces Second Customer Bill Credit Using PFAS Litigation Proceeds

  • Reviewing Pennon Group (OTCMKTS:PEGRY) & Middlesex Water (NASDAQ:MSEX)

  • Middlesex Water Company Reports Second Quarter 2026 Earnings

  • Middlesex Water Company Declares Quarterly Cash Dividend

  • Middlesex Water Company to Report Second Quarter 2026 Earnings on July 30

  • AWK Concludes the Acquisition of Nexus Utility Assets for $315 Million

  • Middlesex Water: Not My Favorite Utility, Though Valuation Has Improved (Rating Upgrade)

  • Middlesex Water Company Reports First Quarter 2026 Earnings

  • Middlesex Water Company Declares Quarterly Cash Dividend

  • Middlesex Water Company Declares Quarterly Cash Dividend

  • Middlesex Water Company Appoints Tatyana Kaplan as Vice President and Chief Accounting Officer

  • Is Middlesex Water Stock a Buy After a Director Purchased 2,000 Shares?

  • Tidewater Utilities Announces Customer Bill Credit Using PFAS Litigation Proceeds

  • CenterBook Partners LP Reduces Holdings in Middlesex Water Company $MSEX